Ariad Pharmaceuticals Inc., which cut 90 jobs in March as part of a â€œstrategic review,â€ is divesting its European operations and licensing sales of its sole drug in Europe to Incyte Corp. The Incyte buyout is the latest step in an ongoing strategic review of Ariad being run by CEO Paris Panayiotopoulos, who came aboard after founding CEO Harvey Berger retired in April 2015 following a proxy fight. As part of the deal, Incyte will make a $140 million upfront payment to Cambridge-based Ariad plus pay royalties of up to 50 percent on European sales of Iclusig, the Ariad drug that treats chronic myeloid leukemia. Incyte also will take over Ariadâ€™s team of 125 employees in Europe. In addition to Iclusig, the company plans to soon seek US regulatory approval of a second experimental drug, Brigatunib, which treats lung cancer, and is working on other treatments for rare types of cancer.One provision allows Ariad an option to buy back European rights to Inclusig if there is a change of control at Ariad. The option, is likely to fuel speculation that Ariad is considering selling itself to another company.